Nigerian cryptocurrency startup, Bitfxt has raised the sum of N5.45 billion in its series A funding round from Payitup clearinghouse Ltd. Payitup is a UK syndicate of Hedge Funds and UK company.
This funding round also comes with a further agreement to extend a $125 million Revolving Margin Facility for its traders to take maximum advantage of their position for higher gains.
Founded by Franklin Peters who is also the CEO, Bitfxt Technologies has developed a wide array of cryptocurrency solutions for users of decentralised digital currencies like Ethereum and Bitcoin.
With a large network of liquidity partners in the industry, the crypto company helps people exchange digital currencies and access banking solutions with cryptocurrency.
Nigeria’s Crypto space
Cryptocurrency-based solutions in Nigeria range from buying and digital exchange platforms to payment gateways, and trading education platforms. With more and more people joining the digital currency stream, new crypto solutions are being created to match needs.
Other crypto startups in the Nigerian crypto space include Quidat, Paychant, Bitmama, and cryptohub. Each of these startups provides digital exchange services, the same as Bitfxt.
However, Bitfxt’s solutions go beyond the traditional exchange platforms that is synonymous with crypto startups.
The company developed a payments and wallet solution which it called Boundlesspay. With this, people can create digital wallets to store their cryptocurrencies as well as borrow and trade crpytocurrencies when they need to.
The company also issues debit cards that can be used to withdraw fiat from digital wallets. This is done through Bitfxt’s hybrid exchange system. Once a wallet is funded, a user can use the ATM card to withdraw cash from bank ATMs.
In Nigeria and Africa, the hybrid exchange system is the first of its kind, effectively changing the rules of the game for other players in the crypto industry.
How Bitfxt could impact Nigeria’s crypto industry with new #5.45 billion funding
Speaking to BitcoinKe, CEO of Bitfxt, Franklin Peters, said, “Over the next couple of months, we will be working on infrastructural expansion and launching of some jaw dropping products that will benefit Nigerians and Africans at large.”
Some of the infrastructural products that will be launched subsequently, as a result of the fund, will compliment the existing financial network for cryptocurrency users.
By virtue of the products, Bitfxt will make it possible for people to receive payment in US dollars as well as settle payments in either US dollars or Naira.
Taking a look at the crypto space of Nigeria in particular and Africa at large, we expect that the innovation space that Bitfxt currently occupies will become increasingly wider as it puts to use the funds and network it has generated.
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